Commonwealth Consolidated Acts

CORPORATIONS ACT 2001 - SECT 214

             (1)  Member approval is not needed to give a financial benefit if the benefit is given:

                     (a)  by a body corporate to a closely-held subsidiary of the body; or

                     (b)  by a closely-held subsidiary of a body corporate to the body or an entity it controls.

             (2)  For the purposes of this section, a body corporate is a closely-held subsidiary of another body corporate if, and only if, no member of the first-mentioned body is a person other than:

                     (a)  the other body; or

                     (b)  a nominee of the other body; or

                     (c)  a body corporate that is a closely-held subsidiary of the other body because of any other application or applications of this subsection; or

                     (d)  a nominee of a body referred to in paragraph (c).

             (3)  For the purposes of subsection (2), disregard shares that are not voting shares.